Rio de Janeiro – Brazil’s gross domestic product (GDP) saw 0.2% quarter-on-quarter slowdown in the fourth quarter of 2021 but ended the year posting a 2.9% growth to BRL 9.9 trillion (USD 1.9 trillion). The GDP per capita reached BRL 46,155 (USD 8,846) last year, up 2.2% from the previous year.
The data are from the System of Quarterly National Accounts announced Thursday (2) by the Brazilian Institute of Geography and Statistics (IBGE). The GDP growth in 2022 was driven by rises in services (4.2%) and industry (1.6%) that accounted for a combined 90% of the index. Farming declined 1.7% in 2022.
“The two most eye-catching activities were some of those that saw the highest growth in 2021 (too), following declines in 2020: transportation and other services, which include categories of personal and professional services. This was a continuation of the resumption of the demand from services following the COVID-19 pandemic. In other services, we can highlight sectors related to tourism such as food services, hospitality services, and car rental,” IBGE National Accounts coordinator Rebeca Palis said.
According to the IBGE, the highest highlight in industry was electricity and gas, water, sewage, and waste management activities (10.1%), which saw more favorable tariff rate flags in 2022.
The farming sector was down 1.7% last year, driven by a decreased production and lost productivity in agriculture, which overcome the positive contribution of livestock and fishery. “Soybean, the leading product of Brazilian farms, saw an estimated decline of 14.4% in production, thus pushing down the result of farming due to the impact of adverse climatic effects,” the researcher explained.
Translated by Guilherme Miranda
